Business

Steps To Take In Digital Opportunity Strategising

When it comes to taking your business to the next level, digital marketing and communications are at the core. You cannot simply have a scattergun approach, though; you need to make sure you are doing everything in a strategic manner. Looking for opportunities and planning the right steps is key. Read on to discover everything you need to know.

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Analyse the marketplace and define your goals 

You need to carry out marketplace analysis so that you can define your digital opportunity reach your customer experience optimization goals. To do this, you can carry out the following activities. 

• Review your digital marketing capabilities. Where is your business now? You must start by creating a baseline for your capabilities compared with the companies you are competing against.

• Customise analytics for your business, so that you can then follow by analysing performance using KPI dashboards. Where do you want to be? This is all about creating a future digital vision.

• Use customer journey maps and customer personas to summarise customer insight. There are a number of different techniques you can use to create customer personas, including the use of marketing data, as well as surveys, diary studies, and focus groups.

• Audit your own brand and benchmark the competition. 

• Review intermediaries, co-marketing, and outreach. 

• Define SMART (Specific, Measurable, Attainable, Relevant, and Timely) goals, quantifying opportunity through conversion spreadsheet models. 

STRATEGY 

Put together a digital strategy 

Your digital proposition needs to be reviewed, after which you can use a number of different digital marketing techniques to communicate it. This includes the following:

• Target personas and target market segments need to be selected here. Digital targeting approaches should also be defined. How are you going to target communications and map your content to reach these personas?

• You should also determine and define your OVP, i.e. Online Value Proposition. This should include a review of your revenue and business model, as well as integration with traditional channels and brand positioning. 

• Review your online marketing mixture of options, and use the four P’s to do so, which are Product, Price, Promotion, and Place. 

ACTION 

Digital marketing communications are to be implemented and managed 

Optimise your digital communications and make smart budget investments. You can do this through 25 of the critical customer touch point interactions, which fall into one of the following for categories. 

Reach: Generate and grow your audience by integrating media of all forms, i.e. earned, owned, and paid.

Act: Prompt leads and brand interaction through persuasion and content marketing. 

Convert: Enhance offline and online sales through conversion rate optimisation. 

Engage: Develop repeat sales and forge loyal relationships with consumers.

• REACH – Grow your audience online

GROWING REACH 

Reach is all about creating awareness of your services, products, and brand through various other websites and online media platforms, as well as offline media, for the purpose of generating traffic to various parts of your web presence, for example, your main website, social media pages, and any microsites you have. 

To do this, you will need to utilise continuous inbound communications and planned campaigns to maximise reach by generating numerous interactions using different earned, owned, and paid media touch points. It is vital that the websites and the offline media you use are of a high authority and relevant to your business.

OPPORTUNITY 

Defining your online audience potential 

• Put realistic and attainable targets in place in terms of building followers on social media, awareness, and traffic. 

• Define KPI dashboards for the purpose of analysing your current digital media effectiveness. 

• Evaluate how you currently utilise digital media, as well as the opportunities that are available to you for improvement. You need to measure your current efforts and their effectiveness.

• Use conversion budget models to set VQVC (Volume, Quality, Value, Cost) goals. 

STRATEGY 

Choose the greatest communications options 

When it comes to your strategy for online customer acquisition, you must do the following: 

• Define key brand messages that are designed to enhance purchase intent, familiarity, and audience awareness. 

• Choose the right media and targeting.

• You should also link your strategy to your strategy for content marketing. It is vital that channel media spend is prioritised, using a conversion-based media budget and plan to summarise it.